Wyoming Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan The Wyoming Supplemental Retirement Plan (WARP) is a retirement savings program designed to provide additional retirement income to eligible employees in the state of Wyoming. This voluntary plan allows employees to contribute a portion of their salary on a pre-tax basis, helping them build a secure financial future. With the Wyoming Supplemental Retirement Plan, employees have the opportunity to save for their retirement alongside their primary retirement plan. This supplementary plan is administered by the Wyoming Retirement System (WAS), which ensures that the contributions are invested prudently to help employees grow their savings. One of the key features of the Wyoming Supplemental Retirement Plan is its tax advantages. By contributing to the plan on a pre-tax basis, employees can reduce their current taxable income, effectively lowering their overall tax burden. This feature maximizes the growth potential of their investments and provides for potential tax savings in retirement when individuals may be in a lower tax bracket. There are different types of Wyoming Supplemental Retirement Plans available to employees, including traditional 401(k) plans and Roth 401(k) plans. Traditional 401(k) plans allow employees to make contributions on a pre-tax basis, while distributions in retirement are subject to income tax. On the other hand, Roth 401(k) plans allow employees to make after-tax contributions, but withdrawals in retirement are generally tax-free. Employees participating in the Wyoming Supplemental Retirement Plan have the flexibility to choose how much they want to contribute from their salary, up to the annual contribution limits set by the Internal Revenue Service (IRS). Additionally, employees may have the option to receive employer matching contributions, which further enhances their retirement savings. The Wyoming Supplemental Retirement Plan offers a diverse range of investment options, allowing employees to allocate their contributions based on their risk tolerance and retirement goals. These investment options may include stocks, bonds, mutual funds, and other investment vehicles, ensuring that employees have the opportunity to diversify their retirement portfolios. To assist employees in managing their retirement savings, the Wyoming Supplemental Retirement Plan provides access to educational resources and tools. These resources include online calculators, retirement planning guides, and personalized advice from retirement specialists who can help employees make informed decisions about their investments. In conclusion, the Wyoming Supplemental Retirement Plan is a beneficial retirement savings program available to eligible employees in Wyoming. With its tax advantages, diverse investment options, and employer contributions, this plan aims to empower employees to build a more secure financial future. Whether employees opt for traditional or Roth 401(k) plans, the Wyoming Supplemental Retirement Plan provides the flexibility and support necessary for individuals to achieve their retirement goals.

The Wyoming Supplemental Retirement Plan (WARP) is a retirement savings program designed to provide additional retirement income to eligible employees in the state of Wyoming. This voluntary plan allows employees to contribute a portion of their salary on a pre-tax basis, helping them build a secure financial future. With the Wyoming Supplemental Retirement Plan, employees have the opportunity to save for their retirement alongside their primary retirement plan. This supplementary plan is administered by the Wyoming Retirement System (WAS), which ensures that the contributions are invested prudently to help employees grow their savings. One of the key features of the Wyoming Supplemental Retirement Plan is its tax advantages. By contributing to the plan on a pre-tax basis, employees can reduce their current taxable income, effectively lowering their overall tax burden. This feature maximizes the growth potential of their investments and provides for potential tax savings in retirement when individuals may be in a lower tax bracket. There are different types of Wyoming Supplemental Retirement Plans available to employees, including traditional 401(k) plans and Roth 401(k) plans. Traditional 401(k) plans allow employees to make contributions on a pre-tax basis, while distributions in retirement are subject to income tax. On the other hand, Roth 401(k) plans allow employees to make after-tax contributions, but withdrawals in retirement are generally tax-free. Employees participating in the Wyoming Supplemental Retirement Plan have the flexibility to choose how much they want to contribute from their salary, up to the annual contribution limits set by the Internal Revenue Service (IRS). Additionally, employees may have the option to receive employer matching contributions, which further enhances their retirement savings. The Wyoming Supplemental Retirement Plan offers a diverse range of investment options, allowing employees to allocate their contributions based on their risk tolerance and retirement goals. These investment options may include stocks, bonds, mutual funds, and other investment vehicles, ensuring that employees have the opportunity to diversify their retirement portfolios. To assist employees in managing their retirement savings, the Wyoming Supplemental Retirement Plan provides access to educational resources and tools. These resources include online calculators, retirement planning guides, and personalized advice from retirement specialists who can help employees make informed decisions about their investments. In conclusion, the Wyoming Supplemental Retirement Plan is a beneficial retirement savings program available to eligible employees in Wyoming. With its tax advantages, diverse investment options, and employer contributions, this plan aims to empower employees to build a more secure financial future. Whether employees opt for traditional or Roth 401(k) plans, the Wyoming Supplemental Retirement Plan provides the flexibility and support necessary for individuals to achieve their retirement goals.